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Developed Regions to Hold Lion's Share of Pea Protein Ingredient Market, Says Fairfield Market Research
The conventional pea starch format accounted for 83.5% of the pea protein ingredient market by value in 2020. COVID-19 has disrupted global supply chains and processed food companies are focusing their efforts on securing readily available and cost-effective raw materials. Organic pea protein is significantly more expensive to grow and procure and the conventional pea protein ingredient segment should provide an incremental dollar opportunity of $365 million for major stakeholders during the forecast period.
COVID-19 has had a devastating impact on the global pea protein ingredient market with the sale of organic pea protein hard hit. The virus laid bare the importance of having a regulatory mechanism in place with several healthcare authorities in the process of developing mandates for plant-based diets.
Europe and North America comprise 65% of the global pea protein ingredient market in 2020 as there are plenty of vegan options for audiences seeking to eliminate meat from their diets. Furthermore, there is sizeable demand for allergen-free food and pea protein ingredients are well placed to fulfil this.
The Asia Pacific region is on track to demonstrate the highest growth rate in the pea protein ingredient market with
Australia , China , and
Japan particularly noteworthy. Companies have realised the importance of this dynamic continent and are continuously launching new foodstuffs to satisfy local preferences. This has been helped in no small measure by the hospitality industry providing quick service for on-the-go customers.
In 2020, OmniPork, a producer of plant-based pork, launched its key offering in 210 stores nationwide. The company sells dumplings, luncheon meat, ground meat, and prepared meals with the source of protein being either pea protein or soy. Beyond Meat, another pea protein meat producer, also unveiled its China plans by announcing its partnership with Yantai Shuangta Food – one of the largest producers of non-genetically modified pea protein.
Companies are striving to expand production capacity and entering into agreements with raw material suppliers to strengthen their competition position in the pea protein ingredient market.
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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